Schedule 9, Part 8 Co-operation (para. 41)

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Financial Services Act 2012 (c. 21)Introductory Text Part 1 Bank of England (ss. 1-5)1. Deputy Governors 2. The Bank's financial stability objective 3. Oversight Committee 4. Financial stability strategy and Financial Policy Committee 5. Further amendments relating to Bank of England Part 2 Amendments of Financial Services and Markets Act 2000 (ss. 6-49)Financial Conduct Authority and Prudential Regulation Authority (s. 6)6. The new Regulators Regulated activities (ss. 7-9)7. Extension of scope of regulation 8. Orders under section 22 of FSMA 2000 9. Designation of activities requiring prudential regulation by PRA Appointed representatives (s. 10)10. Appointed representatives Permission to carry on regulated activities (s. 11)11. Permission to carry on regulated activities Passporting (s. 12)12. Passporting: exercise of EEA rights and Treaty rights Performance of regulated activities (ss. 13-15)13. Prohibition orders 14. Approval for particular arrangements 15. Further amendments relating to performance of regulated activities Official listing (ss. 16-21)16. FCA to exercise functions under Part 6 of FSMA 2000 17. Discontinuance or suspension at the request of the issuer: procedure 18. Listing rules: disciplinary powers in relation to sponsors 19. Primary information providers 20. Penalties for breach of Part 6 rules 21. Repeal of competition scrutiny power Control of business transfers (s. 22)22. Control of business transfers Hearings and appeals (s. 23)23. Proceedings before Tribunal Rules and guidance (s. 24)24. Rules and guidance Short selling (s. 25)25. Functions relating to short selling Control over authorised persons (ss. 26-27)26. Control over authorised persons 27. Powers of regulators in relation to parent undertakings Recognised investment exchanges and clearing houses (ss. 28-35)28. Exemption for recognised investment exchanges and clearing houses 29. Powers in relation to recognised investment exchanges and clearing houses 30. Recognition requirements: power of FCA and Bank to make rules 31. Additional power to direct UK clearing houses 32. Recognised bodies: procedure for giving directions under s. 296 etc.33. Power to take disciplinary measures against recognised bodies 34. Repeal of special competition regime 35. Sections 28 to 34: minor and consequential amendments Suspension and removal of financial instruments from trading (s. 36)36. Suspension and removal of financial instruments from trading Discipline and enforcement (s. 37)37. Discipline and enforcement Financial Services Compensation Scheme (s. 38)38. The Financial Services Compensation Scheme Financial ombudsman service (s. 39)39. The financial ombudsman service Lloyd's (s. 40)40. Lloyd's Information (s. 41)41. Information, investigations, disclosure etc.Auditors and actuaries (s. 42)42. Auditors and actuaries Consumer protection and competition (s. 43)43. Provisions about consumer protection and competition Insolvency (s. 44)44. Insolvency Miscellaneous amendments of FSMA 2000 (ss. 45-49)45. The consumer financial education body 46. Members of the professions 47. International obligations 48. Interpretation of FSMA 2000 49. Parliamentary control of statutory instruments Part 3 Mutual societies (ss. 50-57)Transfer of functions (ss. 50-54)50. Mutual societies: power to transfer functions 51. Further provision that may be included in orders under section 50 52. Power to apply or disapply provision made by or under FSMA 2000 53. Evidence 54. Repeals in Part 21 of FSMA 2000 Building societies: miscellaneous (ss. 55-56)55. Building societies: creation of floating charges 56. Power to direct transfer of building society's business Interpretation (s. 57)57. Interpretation of Part 3 Part 4 Collaboration between Treasury and Bank of England, FCA or PRA (ss. 58-67)57A. Duty of Bank to provide information required by Treasury 57B. Duty of Bank to inform Treasury about resolution plans 58. Duty of Bank to notify Treasury of possible need for public funds 59. Duty of Bank to notify Treasury of changes 60. Circumstances in which Treasury power of direction exercisable 61. Treasury power of direction 62. Directions under section 61: supplementary provisions 63. Duty to lay direction etc before Parliament 64. Duty of Treasury, Bank and PRA to co-ordinate discharge of functions 65. Memorandum of understanding: resolution planning and crisis management 66. Memorandum of understanding: international organisations 67. Interpretation of Part 4 Part 5 Inquiries and investigations (ss. 68-83)Inquiries (ss. 68-72)68. Cases in which Treasury may arrange independent inquiries 69. Power to appoint person to hold an inquiry 70. Powers of appointed person and procedure 71. Conclusion of inquiry 72. Obstruction and contempt Investigations (ss. 73-81)73. Duty of FCA to investigate and report on possible regulatory failure 74. Duty of PRA to investigate and report on possible regulatory failure 75. Interpretation of section 74 76. Modification of section 74 in relation to Lloyd's 76A. Duty of Payment Systems Regulator to investigate and report on possible regulatory failure 77. Power of Treasury to require regulator to undertake investigation 78. Conduct of investigation 79. Conclusion of investigation 80. Statements of policy 81. Publication of directions Publication of reports (s. 82)82. Publication of reports of inquiries and investigations Supplementary (s. 83)83. Interpretation and supplementary provision Part 6 Investigation of complaints against regulators (ss. 84-88)84. Arrangements for the investigation of complaints 85. Relevant functions in relation to complaints scheme 86. Consultation in relation to, and publication of, complaints scheme 87. Investigation of complaints 88. Exemption from liability in damages Part 7 Offences relating to financial services (ss. 89-95)89. Misleading statements 90. Misleading impressions 91. Misleading statements etc in relation to benchmarks 92. Penalties 93. Interpretation of Part 7 94. Affirmative procedure for certain orders 95. Consequential repeal Part 8 Amendments of Banking Act 2009 (ss. 96-106)Special resolution regime and bank administration (96-103)96. Objectives and conditions 97. Private sector purchasers 98. Property transfer instruments: property held on trust 99. Reports following exercise of a stabilisation power 100. Groups 101. Application to investment firms 102. Application to UK clearing houses 103. State aid Inter-bank payment systems (ss. 104-105)104. Inter-bank payment systems 105. International obligations Further amendments (s. 106)106. Amendments relating to new regulators Part 9 Miscellaneous (ss. 107-113)Consumer credit (ss. 107-108)107. Power to make further provision about regulation of consumer credit 108. Suspension of licences under Part 3 of Consumer Credit Act 1974 Penalties received by Financial Services Authority or Bank of England (ss. 109-110)109. Payment to Treasury of penalties received by Financial Services Authority 110. Payment to Treasury of penalties received by Bank of England Amendments of Companies Act 1989 (s. 111)111. Amendments of Companies Act 1989 Settlement systems (s. 112)112. Evidencing and transfer of title to securities without written instrument Director of Savings (s. 113)113. Provision of services by Director of Savings Part 10 General (ss. 114-123)Further amendments and repeals (s. 114)114. Further minor and consequential amendments and repeals Orders (ss. 115-116)115. Orders: general 116. Orders: Parliamentary control Interpretation (s. 117)117. Interpretation Consequential and transitional provisions (ss. 118-119)118. Power to make further consequential amendments etc 119. Transitional provisions and savings Final provisions (ss. 120-123)120. Financial provision 121. Extent 122. Commencement 123. Short title Schedules Schedule 1 Bank of England Financial Policy Committee Schedule 1, Part 1 Schedule to be inserted as Schedule 2A to Bank of England Act 1998 Schedule 1, Part 2 Other amendments relating to Financial Policy Committee Schedule 2 Further amendments relating to Bank of England Schedule 3 Financial Conduct Authority and Prudential Regulation Authority: Schedules to be substituted as Schedules 1ZA and 1ZB to FSMA 2000 Schedule 4 EEA passport rights and treaty rights (paras. 1-43)Schedule 4, Part 1 Amendments of Schedule 3 to FSMA 2000: EEA passport rights (paras. 1-21)Schedule 4, Part 2 Amendments of Schedule 4 to FSMA 2000: Treaty rights (paras. 22-26)Schedule 4, Part 3 Amendments of sections 34 and 35 of FSMA 2000: EEA firms and Treaty firms (paras. 27-28)Schedule 4, Part 4 Amendments of Part 13 of FSMA 2000: Powers of intervention (paras. 29-43)Schedule 5 Performance of regulated activities Schedule 6 Control of business transfers Schedule 7 Application of provisions of FSMA 2000 to Bank of England etc.Schedule 8 Sections 28 to 34: minor and consequential amendments Schedule 9 Discipline and enforcement Schedule 9, Part 1 Introductory (para. 1)Schedule 9, Part 2 Authorised persons acting without permission (paras. 2-8)Schedule 9, Part 3 Market abuse (para. 9)Schedule 9, Part 4 Disciplinary measures (paras. 10-18)Schedule 9, Part 5 Injunctions and restitution (paras. 19-25)Schedule 9, Part 6 Notice procedures (paras. 26-35)Schedule 9, Part 7 Offences (paras. 36-40)Schedule 9, Part 8 Co-operation (para. 41)Schedule 10 The Financial Services Compensation Scheme Schedule 11 The financial ombudsman service Schedule 12 Amendments of Parts 11 and 23 of FSMA 2000 Schedule 12, Part 1 Part 11 of FSMA 2000: information gathering and investigations Schedule 12, Part 2 Part 23 of FSMA 2000: public record, disclosure of information and co-operation Schedule 13 Auditors and actuaries Schedule 14 Amendments of Part 24 of FSMA 2000: Insolvency Schedule 15 The consumer financial education body Schedule 16 Provision of financial services by members of the professions Schedule 17 Amendments of Banking Act 2009 related to Part 2 of this Act Schedule 17, Part 1 Amendments of Part 1 of the Act Schedule 17, Part 2 Amendments of Part 2 of the Act Schedule 17, Part 3 Amendments of Part 3 to the Act Schedule 17, Part 4 Amendments of Parts 4 to 6 of the Act Schedule 18 Further minor and consequential amendments Schedule 18, Part 1 Amendments of FSMA 2000 Schedule 18, Part 2 Amendments of other Acts of Parliament Schedule 18, Part 3 Amendments of Acts of the Scottish Parliament Schedule 18, Part 4 Amendments of Northern Ireland legislation Schedule 18, Part 5 Amendment of Measure of the National Assembly for Wales Schedule 19 Repeals Schedule 20 Transitional provisions Schedule 21 Transfer schemes Schedule 21, Part 1 Property, rights and liabilities of Financial Services Authority Schedule 21, Part 2 Property, rights and liabilities of Office of Fair Trading

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Version status: In force | Document consolidation status: Updated to reflect all known changes

Version date: 1 April 2013 - onwards

Schedule 9, Part 8 Co-operation (para. 41)

Section 37.

41 After section 415A insert -

"Consultation

415B Consultation in relation to taking certain enforcement action

(1) The FCA must consult the PRA before taking a qualifying step in relation to a person who -

(a) is a PRA-authorised person, or

(b) has a qualifying relationship with a PRA-authorised person.

(2) The PRA must consult the FCA before taking a qualifying step.

(3) In this section any reference to the taking of a qualifying step is a reference to -

(a) the giving of a warning notice or decision notice under section 63B (performance of controlled functions without approval),

(b) the giving of a warning notice or decision notice under section 67 (disciplinary powers in relation to approved person),

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Schedule 9, Part 8 Co-operation (para. 41)

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